Schumer said Trump’s decision to “govern as a hard-right Republican” and possibly replace Cordray breaks his campaign promise to “drain the swamp” by fighting corporate interests on behalf of middle-class Americans.
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The CFPB is currently finalizing rules on arbitration clauses, payday lending and debt collecting. Warren said the push to remove Cordray is spearheaded by industries affected by those rules with the goal of eliminating the pending regulations.
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Democrats say the push for a commission would make the agency effectively powerless. They point to other federal regulatory commissions that lack members because Senate Republicans refuse to approve many of President Obama’s nominees.